Since the beginning of the week, the USD/CAD pair has been growing. The growth in pair started amid statements made by the Bank of Canada Governor Stephen Poloz on Monday.
Today in the afternoon, a series of macroeconomic indicators are released in the US and Canada. The US trade deficit is widen to $47.06 billion. On the other hand, the pair can get support if Canada posts a bigger trade deficit than in the previous month. Moreover, favorable data on ISM Non-Manufacturing PMI can strengthen the US dollar
Bollinger Bands on the daily chart is directed down. The pair is trading between the lower and the middle MAs of the indicator. MACD histogram is in the negative zone. Stochastic is moving up in the middle of its range.
It is recommended to wait for clearer trading signals.
Support levels: 1.3000, 1.2904, 1.2855.
Resistance levels: 1.3121, 1.3278, 1.3343, 1.3583
Very useful information! Thanks.
ReplyDeleteVery helpful article.
ReplyDeleteVery interesting article!
ReplyDeleteThat's good to know, thanks.
ReplyDeleteGood analysis.
ReplyDeleteGood assessment!
ReplyDeleteInformative, thanks.
ReplyDeleteLet’s see how it keeps going.
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